Title 57

Money and Currency 

CHAPTERS

1          Currency ( 101)

 

Chapter 1

Currency

SECTIONS

101.              Legal tender defined.

 

            101.  Legal tender defined.

            The legal tender of the Federated States of Micronesia shall be the coins and currencies of the United States; provided, however, no restriction shall be made on the use of local forms or barter and exchange in transactions among citizens of the Federated States of Micronesia.

Source:  TT Code 1966, 1140; TT Code 1970, 77 TTC 1201; TT Code 1980, 77 TTC 401; PL 6-82 1.

Cross-reference:  FSM Const., art. IX, 2(f) states:

Section 2.  The following powers are expressly delegated to Congress:

                              . . .

               (f)     to issue and regulate currency;

                              . . .

The provisions of the Constitution are found in Part I of this code.

 

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